Power & Energy

Global Thermal Storage Market

March 1, 2022
ID: SR/PE-17
Format:Pdf
Pages:220

Global Thermal Storage Market By Technology (Sensible, Latent and Thermochemical), By Storage Material (Water, Molten, Salt and PCM), By Application (Power Generation, District Heating & Cooling and Process Heating & Cooling), By End User (Residential and Commercial Industrial), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

Thermal Energy was valued at USD 6.18 Billion in 2021, and it is expected to reach USD 12.8 Billion with a growing CAGR of 17% during the forecast period 2022-2028. Elements such as increasing momentum for renewable energy generation, such as concentrated solar power, growing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application, governance motivations for thermal energy storage systems, and improvements in material sciences are some of the primary elements causing the market for the thermal energy storage market.

What is Thermal Storage?

Thermal storage systems are very cost-effective resemble other storage technologies. In terms of environmental influence, it is a clean energy storage technology. Thermal energy storage systems are a reasonable storage method for large buildings. Thermal energy storage systems are commonly used in small-scale hot water and heating applications. It is also used in electrical energy generation in large-scale applications. Thus electricity generation is acknowledged with the stored heat energy during periods of extreme power demand. Should specially develop thermal energy storage systems according to the application area. The compressor, pump, storage tank, and dispersal lines are established according to the application space requirement.

Growth Drivers

Need for energy storage for increasing ever-increasing solar energy generation

The most dominant goals for governments, energy authorities, and utilities worldwide are decarbonizing the energy sector and decreasing carbon emissions to cap global climate change. According to IRENA, accelerated deployment of renewables, electrification, and increasing energy efficiency of the electric grid can help achieve over 90% of the energy-related carbon dioxide (CO2) emission reductions required to meet the Paris Climate targets by 2050.

Opportunities

Decentralization of renewable energy System

The decentralized renewable energy is powering a disrupting conversion of the energy sector. The fast growth of decentralized renewable energy technologies can transform the energy sector’s structure towards a multi-operator set-up in which vast utilities interact with captured consumers and mini-utilities. Renewable energy dispersed through the grid and mini-grids and off-grid installations has provided power to 30% of the people who have gained electricity since 2000. , the decentralized renewable energy share will need to increase significantly. For over 70% of those who achieve access in rural areas, decentralized methods based on renewable energy will be many cost-effective solutions.

Restraints

A competitor from battery storage and pumped-storage

Being capable of differentiating between the perks of battery and thermal energy storage, two of the most common solutions available, is necessary for utilities and power plant operators considering deployment shortly and selecting the proper technology that delivers that the structure enables a commercial establishment to consume electricity as cost-effectively as possible. Batteries are prominent for providing backup power for lighting, elevators, and computers, whereas thermal energy storage is a building’s most relaxing way of decreasing peak electric demand. Air conditioning makes up a third of energy costs in summer months, and it would be more ineffective and expensive to store energy in a battery only to have it transformed yet again to create rapid cooling. In distinction, it cannot back up the whole building load with just thermal storage.

Pre Covid-19 Impact on Global Thermal Storage Market

Before the covid-19 outbreak, CSP generation increased by an estimated 34% in 2019 and is expected to grow in the coming years. We can achieve it through continuous policy support to CSP projects across the Middle East and Africa, Asia Pacific, and North America. Thermal energy storage is essential for electricity storage in solar power plants, storing solar heat to produce electricity when sunlight is unavailable. It facilitates uninterrupted operations of CSP plants. Some key CSP thermal energy storage technologies include single-tank thermocline systems, two-tank indirect systems, and two-tank direct systems. The usefulness of thermal energy storage in CSP works contains better dependability, overall efficiency, decreases in investment and operating costs, and economical operations. It can also overcome the emission of carbon dioxide.

Covid-19 Impact on Global Thermal Storage Market

During the Covid-19 exposure, the expansion of renewable energy technologies in several markets was already inquired by financing, policy uncertainties, and grid integration, strengthened further by COVID-19. According to the IEA, the COVID-19 emergency has affected the global growth in the addition of renewable power capacity. According to the IEA estimates, the number of new renewable power facilities worldwide will fall in 2020 due to the outstanding global COVID-19 emergency. It observes the first annual decrease in 20 years since 2000 for renewable energy capacity addition. The net additions of renewable electricity capacity in 2020 are declining by 13% compared with 2019.

Post Covid-19 Impact on Global Thermal Storage Market

After the covid-19 outbreak, The Government of India has set a target of establishing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from biopower, 100 GW from solar, and 5 GW from small solar hydropower to its overall renewable capacity. Also, the Spanish country increased its renewable energy target to 74% by 2030 and desired to add 157 GW of renewable energy capacity.

By Technology Segmental Analysis

The market is classified into sensible, Latent, and Thermochemical based on the technology segment. During the forecast period, the sensible heat storage segment is the largest contributor to thermal energy storage. In the formation of sensible heat, thermal energy storage is founded on the specific heat of a storage medium, which is held in storage tanks with high thermal insulation. The widely used and commercially heat storage medium is molten salt, which has several commercial and industrial applications.

By Application Segmental Analysis

The market is classified into Power Generation, District Heating & Cooling and Process Heating & Cooling. The power generation segment is predicted to be the largest donor during the forecast period. Thermal energy storage in concentrating solar power plants can assist overcome the intermittency of the solar resource and decrease the Levelized cost of energy by operating power for extended periods. TES systems can manage energy during sunshine hours and store it to shift its delivery to later or facilitate plant output during cloudy weather conditions.

By End User Segmental Analysis

Based on the End User segment, the market is classified into residential and Commercial Industrial. The residential and commercial sector component is one of the primary users of thermal energy storage as it is commonly utilized in refrigeration equipment which constructs a waterhole of solid material and cold water at night. It can use this during the daytime to provide cooling capacity.

By Regional Segmental Analysis

Based on regional segment, the market is classified into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America, the U.S., noticed the highest demand for thermal energy storage. The demand is due to high energy storage capacity. Thermal energy storage delivers the cooling capacity to commercial facilities by delivering chilled water during low demand hours and then utilizing it during high demand hours. The current development in seasonal thermal and molten thermal storage has authorized energy storage at day time and in the summer season during the consumption at night and in the winter season.

Competitors Analysis

The Companies include Calmac, Abengoa, CALDWELL ENERGY, Baltimore Aircoil Company Inc., Chicago Bridge & Iron, Bright Source Energy Inc., Burns & McDonnell, EVAPCO Inc., DN Tanks and other prominent players in the global thermal storage market.

Key Stakeholders

Recent Developments

In Mar 2019, Climate Change Technologies established its thermal energy storage, a modular energy storage unit that takes any electricity- solar, wind, etc. and uses it to heat up and melt silicon in a heavily protected chamber.
In May 2019, Vattenfall, a leading European energy company and a Swedish company SaltX Technology commissioned an industrial scale pilot to experiment with nano-coated salt-based energy storage technology, which allows thermal energy to be stored chemically and delivers long term solutions.
In May 2019, Azelio unveiled its storage technology, which added a Stirling engine for dispatchable electricity production. Electricity from a more comprehensive range of renewable sources can be obtained and stored as thermal energy.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 6.18 Billion
The revenue forecast in 2028	USD 12.8 Billion
Growth Rate	CAGR of 17 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies include Calmac, Abengoa, CALDWELL ENERGY, Baltimore Aircoil Company Inc., Chicago Bridge & Iron, Bright Source Energy Inc., Burns & McDonnell, EVAPCO Inc., DN Tanks are key players.

Market Modelling

By Technology

Sensible
Latent
Thermochemical

By Storage Material

Water
Molten
Salt
PCM

By Application

Power Generation
District Heating & Cooling
Process Heating & Cooling

By End-User

Residential
Commercial Industrial

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

Which is the fastest-growing technology segment during the forecast period in the thermal energy storage market?

The Latent heat storage segment is the fastest-growing during the forecast period.

What is the End-user segment of the global thermal energy storage market expected to witness the highest growth?

The commercial and industrial segment is slated to expand as the fastest-growing segment.

Who are the key players in the global thermal energy market?

What are the major drivers for the thermal energy storage market?

Thermal energy storage is driven by major factors such as rising demand for electricity and increasing consumption of solar CSP.

What is the growth rate of the thermal storage market?

Thermal Energy was valued at USD 6.18 Billion in 2021, and it is expected to reach USD 12.8 Billion with a growing CAGR of 17% during the forecast period 2022-2028.

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